Stan Johnson Company closes Sale Leaseback Portfolio for corporately-owned Checkers Restaurants
New York, NY January 11, 2016 – In a deal that highlights the growing demand for portfolios of sale leaseback transactions among real estate buyers, Stan Johnson Company has completed the sale of six Checkers Drive-In Restaurants leased to Checkers Corporate for $6,543,900 in Florida and Alabama.
The portfolio properties include the chain’s first-ever store, as well as a location at the gateway to the University of Florida. The geographically-diverse Checkers portfolio offers a fifteen-year triple net lease backed by strong corporate credit, attractive rental increases, prime retail locations, and a compressed cap rate. With over 807 locations and approximately 4,000 employees, Checkers Drive-In Restaurants, Inc. is the largest double drive-thru restaurant chain in the United States. Checkers intends to use the sale leaseback proceeds to both strategically expand its holdings in the Southeast and aggressively enter into new markets across the nation.
“Sale leaseback purchases are in very high demand from private funds and 1031 investors,” said Camille Renshaw, the Senior Director of Stan Johnson Company’s New York Office. “By marketing to that specific buyer, corporate sellers are setting benchmark cap rates.” Renshaw and Scott Scurich represented the seller in the disposition of all portfolio properties.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses exclusively on net lease transactions involving retail, office, industrial, healthcare and sale-leaseback properties. The firm provides acquisition, disposition, capital markets and advisory services for institutions, developers, investment funds and private investors across the United States. Now in its fourth decade of serving as a trusted advisor to its valued clients, Stan Johnson Company has completed more than $30 billion in transactions nationwide and is regarded as the Net Lease Authority®. To learn more about Stan Johnson Company, please visit the recently enhanced website at www.stanjohnsonco.com.